BALA CYNWYD, Pa., July 26, 2001 (PRIMEZONE) -- Schiffrin & Barroway, LLP announced today that it recently filed lawsuits against Expedia, Inc., Gadzoox Networks, Inc., Digital Impact, Inc., and iVillage, Inc., for violations of the federal securities laws.
If you purchased the securities of any of the companies listed below during the respective class periods, you may be a member of the class and have until the date specified to move the court to become the lead plaintiff. For more information on a particular lawsuit and to view the complaint, you may visit our Website at www.sbclasslaw.com. To learn more about your rights and interests in these cases and your ability to potentially recoup your losses, please contact Schiffrin & Barroway directly at (888) 299-7706 (toll free) or (610) 667-7706, fax number (610) 667-7056, or by e-mail at info@sbclasslaw.com.
EXPEDIA, INC. (Nasdaq:EXPE) (Class Period: 11/09/99 - 12/06/00). The complaint charges Expedia and certain of its officers and directors with issuing false and misleading statements concerning its business and financial condition. Specifically, the complaint alleges that on or about Nov. 9, 1999, Expedia commenced an initial public offering of 5,200,000 of its shares of common stock at an offering price of $14 per share (the "Expedia IPO"). In connection therewith, Expedia filed a registration statement, which incorporated a prospectus (the "Prospectus"), with the SEC. The complaint further alleges that the Prospectus was materially false and misleading because it failed to disclose, among other things, that: (i) defendants had solicited and received excessive and undisclosed commissions from certain investors in exchange for which defendants allocated to those investors material portions of the restricted number of Expedia shares issued in connection with the Expedia IPO; and (ii) defendants had entered into agreements with customers whereby defendants agreed to allocate Expedia shares to those customers in the Expedia IPO in exchange for which the customers agreed to purchase additional Expedia shares in the aftermarket at pre-determined prices. As further alleged in the complaint, the SEC is investigating underwriting practices in connection with several other initial public offerings. The complaint was filed in the U.S. District Court for the Southern District of New York. The lead plaintiff motion must be filed no later than Aug. 6, 2001.
GADZOOX NETWORKS, INC. (Nasdaq:ZOOX) (Class Period: 07/19/99 - 12/06/00). The complaint charges Gadzoox and certain of its officers and directors with issuing false and misleading statements concerning its business and financial condition. Specifically, the complaint alleges that on or about July 19, 1999, Gadzoox commenced an initial public offering of 3,500,000 of its shares of common stock at an offering price of $21 per share (the "Gadzoox IPO"). In connection therewith, Gadzoox filed a registration statement, which incorporated a prospectus (the "Prospectus"'), with the SEC. The complaint further alleges that the Prospectus was materially false and misleading because it failed to disclose, among other things, that: (i) Credit Suisse First Boston Corp. ("Credit Suisse") and BancBoston Robertson Stephens ("Robertson Stephens") had solicited and received excessive and undisclosed commissions from certain investors in exchange for which Credit Suisse and Robertson Stephens allocated to those investors material portions of the restricted number of Gadzoox shares issued in connection with the Gadzoox IPO; and (ii) Credit Suisse and Robertson Stephens had entered into agreements with customers whereby Credit Suisse and Robertson Stephens agreed to allocate Gadzoox shares to those customers in the Gadzoox IPO in exchange for which the customers agreed to purchase additional Gadzoox shares in the aftermarket at pre-determined prices. The complaint was filed in the U.S. District Court for the Southern District of New York. The lead plaintiff motion must be filed no later than Aug. 6, 2001.
DIGITAL IMPACT, INC. (Nasdaq:DIGI) (Class Period: 11/22/99 - 12/06/00). The complaint charges Digital and certain of its officers and directors with issuing false and misleading statements concerning its business and financial condition. Specifically, the complaint alleges that on or about Nov. 22, 1999, Digital Impact commenced an initial public offering of 4,500,000 of its shares of common stock at an offering price of $15 per share (the "Digital Impact IPO"). In connection therewith, Digital Impact filed a registration statement, which incorporated a prospectus (the "Prospectus"'), with the SEC. The complaint further alleges that the Prospectus was materially false and misleading because it failed to disclose, among other things, that: (i) Credit Suisse First Boston Corp. ("Credit Suisse") had solicited and received excessive and undisclosed commissions from certain investors in exchange for which Credit Suisse allocated to those investors material portions of the restricted number of Digital Impact shares issued in connection with the Digital Impact IPO; and (ii) Credit Suisse had entered into agreements with customers whereby Credit Suisse agreed to allocate Digital Impact shares to those customers in the Digital Impact IPO in exchange for which the customers agreed to purchase additional Digital Impact shares in the aftermarket at pre-determined prices. The complaint was filed in the U.S. District Court for the Southern District of New York. The lead plaintiff motion must be filed no later than Aug. 6, 2001.
iVILLAGE, INC. (Nasdaq:IVIL) (Class Period: 03/18/99 - 12/06/00). On or about March 18, 1999, iVillage commenced an initial public offering of 3,650,000 of its shares of common stock at an offering price of $24 per share (the "iVillage IPO"). In connection therewith, iVillage filed a registration statement, which incorporated a prospectus (the "Prospectus"), with the SEC. The complaint alleges that the Prospectus was materially false and misleading because it failed to disclose, among other things, that: (i) Goldman, Credit Suisse, Robertson Stephens, and Lehman Brothers had solicited and received excessive and undisclosed commissions from certain investors in exchange for which Goldman, Credit Suisse, Robertson Stephens, and Lehman Brothers allocated to those investors material portions of the restricted number of iVillage shares issued in connection with the iVillage IPO; and (ii) Goldman, Credit Suisse, Robertson Stephens, and Lehman Brothers had entered into agreements with customers whereby Goldman, Credit Suisse, Robertson Stephens, and Lehman Brothers agreed to allocate iVillage shares to those customers in the iVillage IPO in exchange for which the customers agreed to purchase additional iVillage shares in the aftermarket at pre-determined prices. The complaint was filed in the U.S. District Court for the Southern District of New York. The lead plaintiff motion must be filed no later than Aug. 6, 2001.
Schiffrin & Barroway, LLP has prosecuted shareholder class actions for more than 14 years and has recovered more than $1 billion for investors. If you are a shareholder in any of the companies listed above and would like to be a lead plaintiff in one of these securities class actions, please contact Schiffrin & Barroway at (888) 299-7706.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca